Prescott City Administrator Matt Wolf presented the proposed Phase 2 Downtown Riverfront Improvements to the Plan Commission at the Feb. 5 meeting.

He began with a recap of the improvement process that began in 2003 when the City of Prescott started a tax increment district to revitalize the city’s downtown and promote economic development to remove rundown areas while renovating aged buildings in decline. In 2015 the city began the process of planning for refining the downtown riverfront area while also bringing the city’s Comprehensive Plan for future land use along those areas up to date. He noted that in 2020 an assessor’s plat was completed to verify land ownership and make provision for future work. Wolf added that the Comprehensive Outdoor Recreation Plan (CORP) was also brought up to date for proposed improvements to Jacques Park Public Boat Ramp, Mercord Mill Park, and the Riverwalk. While Phase 1 of the improvements was completed in 2022, a new fishing pier and boat launch were installed in 2023. The current projected cost for Phase 2 will be paid out of the remaining TID #4 revenues at a cost of $2,780,534.

Wolf stated, “This expenditure period for TID #4 though however is ending in February of 2025 so a bond will have to be issued for this project.”

The timeline for the proposed improvements would have Spring and Summer 2024 for surveying the project, project design in Fall 2024, borrowing for the project in early 2025, Winter 2025 would be bidding the project, and construction would begin in Spring/Summer 2025.

The plan calls for a proposed transient dock, a pedestrian crossing by the railroad and a trail connection to go all the way along the riverfront. It plans for vacating Front Street and installing bollards to keep access for emergency vehicles and also includes a new sidewalk, creating greenspace, and adding minor playground equipment with benches and tables, a shelter, and bathrooms.

“We heard a lot about how boaters were looking for more opportunities for parking along our riverfront. The courtesy dock doesn’t offer enough space. Additionally, when we look at the economic stability, one of the reasons that we are considering this is obviously if you can turn over a spot three four five times into our restaurants, it offers more opportunities for our restaurants and our retail shop as well,” Wolf said.

Fencing and bollards will be added at Mercord Mill Park as well as more lighting. He added that they will work with the Prescott Historical Society to install markers to show the history of the riverfront and what used to located in that area.

With the proposed closing of Front Street and pushing back parking spaces, the plan proposes the gain of five additional parking spaces for the riverfront.

 Commission member Mike Hunter asked Wolf how healthy the TIF is.

“We’d have to bond for $2.7 million, is that what you are saying? There’s nothing left in the TIF as far as the cash?” Hunter asked.

Wolf said there is a small amount.

“To your point, you are correct. We wouldn’t have to do the full $2.7 million,” Wolf said.

He added that it would be $2.3 or $2.4 million.

“It is generating a healthy amount as it is currently, it’s what we used for phase one and fortunately with the amount of TIF that we had, we didn’t have to bond at all with it. We also got a $600,000 grant from the DOT so we’ll actually be in 2024 looking for other grant opportunities to apply for but it is generating a healthy enough amount where currently as is projected wouldn’t have any issues paying for the bond,” he said.

Hunter inquired about the current interest rates to which Wolf shared, “So currently right now for Elm and Washington Street and Locust Street, we were borrowing at about 3.9 and in talking with our financial advisors, it is still around that rate for municipal bonds, about 3.94%.”

Hunter asked Wolf if he thought they would be issuing a bond for roughly $2 million.

Wolf said future grants they would apply for are reimbursement grants, so they would need to look further into options for the process. He added that while the expenditure period closes in 2025, the TIF doesn’t close until 2030.

After a quick discussion between Wolf and the plan commission members on what bollards are and where some are located in the city, Hunter asked Wolf if some of the docks would be made into overnight docks.

“Right now, we’ve discussed making a percentage that would have electricity and be overnight and be paid. That’s still a discussion,” Wolf added.

He stated there were also suggestions on potentially taking a section and turning it into a fishing pier but right now the plan calls for all docks.

As conversation turned to the future bathrooms, Wolf explained that under the current proposal the bathrooms would be seasonal and close when the beach closes, but could potentially be left open until later in the season.

Commission member Steve Most said regarding parking, the plan “seems like we’re packing a lot into a little area,” to which Wolf responded that unfortunately there wasn’t another area to convert into additional parking spaces.

Hunter said the cost of the project concerns him.

“I know we want to bring people into town,” he said. “I definitely am proud of that area with what the city has done and what has been done down there the last 20 years, but that’s a lot of money.”

Commission member John Peterson asked what would happen if they decided not to go forward with the plan.

“That would be leaving money on the table, correct?” he asked.

Wolf said the TIF would most likely be ended early.

“Once this TIF district closes, we don’t want to ever start a TIF district like this again because we want to have a (district) that’s thriving and successful and economically stable,” he said.

The motion was made to approve the Riverfront Improvement Phase 2 to unanimous approval.